The same thing that happens to local municipalities.
The businesses move out of town, build factories in other locations, and still sell their products in-town to people who don't have good paying jobs anymore. The flow of money out is a swollen river, while the local income in low wages is a trickling stream.
This is the cause of the housing crisis, the credit crunch, bankruptcies, etc.
This is happening to most of the developed countries on a global scale. the money is flowing into East Asia from Oceania. It looks like George Orwell will be correct after all, and very shortly.